Equities continue to climb the wall of worry since the October lows as markets bet on a less hawkish Fed going into year-end. Buoyed by declining rates and a weaker US$, equity bulls continue to press higher into layered resistance. While there are enough waves in place to complete this counter-trend rally, there is NO […]

Did we get our Thanksgiving Top or is there one more marginal push higher? Equities edged higher as expected but are now approaching critical resistance for the bear case. Bears need to make a stand in this sell zone or risk getting run over. Markets are still expecting a slowdown in economic growth as evidenced […]

Equity markets stalled below initial resistance last week as they digested the post-CPI rally. We do not have confirmation of a near term top as the potential remains for a final push higher in wave v of (c) towards secondary targets. We continue to count this rally as a correction within a bigger picture bear […]

Global Central Banks have been very clear - their primary focus is to reign in inflation by raising rates and signal future rate expectations. Powell has set the scene for restrictive monetary policy in a 180 degree turn from the last 20 years. Tightening financial conditions in a highly leveraged world are negative for risk […]

Last week, the SPX / ES tagged our upside targets in the 200 day sma and 61.8% fib retracement area as per our last update. There are enough waves in place to complete (v) of an extended wave (c) from where bears need to make a stand. The SPX / ES tagged the 200 day […]